Technical Analysis – US 30 index remains negative in short-term; SMAs post bearish cross

The US 30 (Cash) index rebounded off the seven-month low of 33,145, gaining some momentum, but the short-term simple moving averages (SMAs) posted a bearish crossover. The RSI indicator is flattening near the oversold zone, while the MACD oscillator is losing ground below its trigger and zero lines.

If price action remains above 33,940, there is scope to test 34,664, which the index failed to surpass in the previous day. Clearing this key level would see additional gains towards the 200-day SMA at 35,010 ahead of the lower boundary of the Ichimoku cloud at 35,240. Rising above those levels would see prices re-test the 20- and 40-day SMAs at 35,473 and 35,640 respectively.

If the 33,940 support fails, then the focus would shift to the downside again towards 33,518, which if breached, would increase downside pressure and possibly meet 33,145. From here, the price would be on the path towards the 32,000 low, which may act as a turning point.

Overall, the index has been negative in the short-term timeframe, but in the longer-term, the price is still strongly bullish and only a notable downside move may change this outlook.


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